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I will, but you will know when the coins is ready. To others please don't accuse #coin of taking money off investors - we don't and have never done that. To the Chinese fellow who said "Fuck your! cheater!".. please don't be upset.. I have not cheated your of anything....Please be patient, I know it is hard for you but try. To the rest, Twitter is the best place to get notified as to #coins progress as we are there more often. To everyone else please stay calm and remember, #coin is coming and you will be the first in the world to know...
I hope nobody IPO'd
I doubt they got a single taker otherwise those that paid up would be screaming from the rooftops by now. DOA
Nicely worked out.
IMPORTANT NOTICE
I am delaying the launch until I figure out what the right way to handle the initial rewards are. Let me get this right for everyone involved. Either that or we can do a relaunch once we see how this one goes. Your thoughts?
We don't want miners who come for the easy pickings when difficulty is low and then move onto the better coins after 2 weeks. We don't care for the miners who pump and dump on exchanges. The only miners we care about are those that will be here over the long-term as they see intrinsic value in the #coin brand name. For the rest, this probably isn't a coin for you. As I mentioned, the investors, who have put their own real money into #coin, have the right to be protected from a flood of coins immediately devaluing their investment. This launch is going to be a slow-burn not a panicked rush where a few "professional" miners benefit from being here the day the source is released. Having said that I am negotiating with the developer to have the reward amount raised. There are 576 blocks in a day, 4,032 in a week so 10K blocks will take us to 2.5 weeks. During this time I we will be running the IPO and maintaining awareness for other miners who have yet to find our launch thread. Feed-back is welcomed if you feel there is a better way.
Hahaha.... this is wrote guy who premine 500k coins? same guy
So with 500K premined, it's going to take over 2 years to match what you premined?
?
?Blocks are every 2.5 minutes. That's 576 X 2.5 minute blocks in a day. That's 4,032 blocks in a week. So there are 4,032 blocks in a week X 52 weeks in a year = 209,664 blocks in a year. Block reward is 25 coins initially so at 209,664 blocks in a year x 25 coins block rewards = 5,241,600 coins in the first year (roughly).
It will take 35 days for miners to catch-up to the premine.
We don't want miners who come for the easy pickings when difficulty is low and then move onto the better coins after 2 weeks. We don't care for the miners who pump and dump on exchanges. The only miners we care about are those that will be here over the long-term as they see intrinsic value in the #coin brand name. For the rest, this probably isn't a coin for you. As I mentioned, the investors, who have put their own real money into #coin, have the right to be protected from a flood of coins immediately devaluing their investment. This launch is going to be a slow-burn not a panicked rush where a few "professional" miners benefit from being here the day the source is released. Having said that I am negotiating with the developer to have the reward amount raised. There are 576 blocks in a day, 4,032 in a week so 10K blocks will take us to 2.5 weeks. During this time I we will be running the IPO and maintaining awareness for other miners who have yet to find our launch thread. Feed-back is welcomed if you feel there is a better way.
No updates on launch day? Dead coin before it even started?
Do'nt be afraid. In 48 hrs #coin will be born. Please use the date-stamp used by the forum not your local time - its just confusing.
Don't panic about the launch time. There will be only 0.01 coin rewards for the first 10,000 blocks. This is to prevent dumping for the first weeks on launch. It's also designed to protect stakeholders and their investment. #coin will be here long after the launch so we are always thinking long-term.
Stakeholders for IPO - I've noted your names from here and PM. Details of the IPO will be released on 1st Feb. This will be run for 2 weeks.
I am getting alot of messages in PM which I haven't responded to, I am not ignoring you, I've read them, please let me get back to you soon as I need to decide on your offers individually - they are appreciated.
Follow me on twitter to receive the latest spec information to be released later tonight.
Please have wallets (at least Windows) ready and at least one pool set up before launch (and not like 15 minutes before so everyone is scrambling and it becomes a train wreck).
I know no one likes premining but I would like to recommend mining a few blocks beforehand so that it is tested. Maybe set the reward for first X blocks be zero or really small values.
Really the biggest things to me though are transparency, not rushing to meet a deadline, and frequent edits to first post that explain the current state of the coin. See the ronpaulcoin as an example.
I know no one likes premining but I would like to recommend mining a few blocks beforehand so that it is tested. Maybe set the reward for first X blocks be zero or really small values.
Really the biggest things to me though are transparency, not rushing to meet a deadline, and frequent edits to first post that explain the current state of the coin. See the ronpaulcoin as an example.
Way not make a tweak to the scrypt-jane algo for the first 10000 block's, so only wallet is able to mine. Then we will have a soft start, and no rush for pools. The coin will settle, without the trouble with pools from start. If not, the first pool to compile will win all the first coins. And every one not on that pool will scream unfair launch.
Look at Vertcoin https://bitcointalk.org/index.php?topic=404364.0 They had "CPU wallet only" from the start, and I think its one of the smoothest launch I have been on. And the coin is going very well
Awesome advice Nick & KJ let me look into that.
Important Notice
The launch date has been moved from 25th Jan by 1 week to 1st Feb 2014.
** The launch date has been postponed for 1 week. Its the long weekend in Australia and I won't have my other 2 colleagues here to assist with the launch as they will be on holiday. I also want to run the IPO properly so having more time will be beneficial.
Have patience the wait will be worth it.
Thoughts on premining
As a rough guide and for discussion Here was what I had in mind.
0.5-1% premine - (250-500K#coins).
Divided
55%(137-1275k) for ongoing development and promotion (Budgeted for over 5 years)
15% (37-75K) Giveaways over 3 months
22.5% (37-75K) IPO
7.5% (16-32K) Fees over the life of the coin.
All expenditure will be available on a public ledger.
Feed-back welcome. I'll also take a vote on 0.5% or 1%.
As a rough guide and for discussion Here was what I had in mind.
0.5-1% premine - (250-500K#coins).
Divided
55%(137-1275k) for ongoing development and promotion (Budgeted for over 5 years)
15% (37-75K) Giveaways over 3 months
22.5% (37-75K) IPO
7.5% (16-32K) Fees over the life of the coin.
All expenditure will be available on a public ledger.
Feed-back welcome. I'll also take a vote on 0.5% or 1%.
I say this is fair especially when op is clearly transparent and open to suggestions. I think this would be required to stimulate the economy and motivate the developers. A lot of people don't know what goes into the job of a team launching a new coin. In general for all new coin launches, I don't agree with massive amounts of premine/instamining due to possibilities of large dumps from the team and manipulation possibilities. This is a pretty fair premine launch discussion. You have my approval.. I would like to contribute and collaborate with the IPO, I want to be a stakeholder... how do I do that?
Hi Maco,
Thanks for your early support and your kind feed-back. I've booked you a spot on the IPO and will keep you updated in PM as it matures.
Edit: Please note the corrections in the above quote.
-Correction 22.5% of 250k-500k should be 54k-107k not 37k-75k as originally stated.
-Consequently the IPO should read 107K#coins and not 75k (53k if 0.5% premine).
Thoughts on IPO
107k#coins released as 107x 1,000 coin bundles (half this if 0.5% decided on). Max 50 million ever in circulation.
Suggestions welcome for the starting price in BTC for a 1,000 bundle block of #coin.
Note that it will take around 4 days for the miners to mine this amount of coin.
Where will this money go? This will be invested back into promotional services. We are pushing to get publicised outside the Crypto-community and have engaged 2 agencies for this.
Edit: Correction should read 107K#coins and not 75k.
Correction - 10,512,000 coins will be mined in the first year. It will take around 4 days not 4 months to mine 107K #coins.
107k#coins released as 107x 1,000 coin bundles (half this if 0.5% decided on). Max 50 million ever in circulation.
Suggestions welcome for the starting price in BTC for a 1,000 bundle block of #coin.
Note that it will take around 4 days for the miners to mine this amount of coin.
Where will this money go? This will be invested back into promotional services. We are pushing to get publicised outside the Crypto-community and have engaged 2 agencies for this.
Edit: Correction should read 107K#coins and not 75k.
Correction - 10,512,000 coins will be mined in the first year. It will take around 4 days not 4 months to mine 107K #coins.
Thoughts on premining
As a rough guide and for discussion Here was what I had in mind.
0.5-1% premine - (250-500K#coins).
Divided
55%(137-225k) for ongoing development and promotion (Budgeted for over 5 years)
15% (37-75K) Giveaways over 3 months
22.5% (54-107K) IPO
7.5% (16-32K) Fees over the life of the coin.
All expenditure will be available on a public ledger.
Feed-back welcome. I'll also take a vote on 0.5% or 1%.
EDIT: Correction 22.5% should be 54k-107k not 37k-75k as originally stated.
As a rough guide and for discussion Here was what I had in mind.
0.5-1% premine - (250-500K#coins).
Divided
55%(137-225k) for ongoing development and promotion (Budgeted for over 5 years)
15% (37-75K) Giveaways over 3 months
22.5% (54-107K) IPO
7.5% (16-32K) Fees over the life of the coin.
All expenditure will be available on a public ledger.
Feed-back welcome. I'll also take a vote on 0.5% or 1%.
EDIT: Correction 22.5% should be 54k-107k not 37k-75k as originally stated.
NEW Bounty
URGENTLY required. We are aiming for a good launch first off. We need someone with either working experience or extensive technical understanding of security issues that could affect our coin, e.g forking, how to protect nodes from DDOS, how to discourage miningpools, and provide ways we can prevent or solve them should they arise. Please PM me if you think you could be of assistance.
Note: you must be able to advise on the remedies and not just point out the problems. We are looking for all bases to be covered not some of them so please bear this in mind. Renumeration will be in #coin.
Quick Update:
Thanks for your continued support guys. Your feed-back has been noted and will be responded to. I have had a hectic week with a few things in my real-life. Travelled interstate, had my B'day and worst to come we have a long weekend coming up.
Bounty payouts: Will be announced on Friday. Guy's thanks for all the new ideas. Realistically they will be considered after launch once the coin has its legs. But some really good ideas and I will respond to everyone personally.
All the concerns about premine have also been noted and I will get back to everyone on Friday for a more detailed discussion to figure out something fair we can all agree on.
cheers
Bounty for Suggestions
Share your ideas. The most cost-effective ideas will be rewarded with a bounty 15 #coins (you need to post it first).
How do we grow the #coin community?
For promotions what is a fair amount of coins to give away and why?(50 mill coins total - 500k-1mill premine)
How do we maintain the network hash-rate into the future? What incentives can we give?
Bounties end in 48 hours.
Thanks for your suggestions.
That premine is ridiculus, are you fucking kidding us?
Thats what I thought as well. Let the noobs mine this, it will keep their hashes off real coins.
People who are unhappy that there is a premine and an IPO should realise we need to cover our own costs for setting the coin up and to pay for ongoing marketing services. I haven't found a free way to do this yet.
Giving away coins to the Cryto-community is one part of our marketing strategy but equally important is attracting new people from outside the community if we want to grow and succeed and, unfortunately, we need to pay marketing and press agencies for that. Sales of coins during the IPO will be used to cover these costs.
If there is a better way to cover these costs I am always open to suggestions.
Over 80% of coins fail within the first year. We don't want to be on that scrap heap and will be here to push the coin for the next 5 years.
Good concept, also like the social media potential you need to drive this coin via social media.
Keep us updated about the IPO (if u plan any) and what exchanges do you plan on getting it at to start with ?
Keep us updated about the IPO (if u plan any) and what exchanges do you plan on getting it at to start with ?
Thanks for the feedback Gigacoin,
We will be pushing social media marketing campaigns once the coin has established. This is going to begin in the medium term around 3 months after launch. We want to reward miners/investors who hold onto their coins until the coin grows legs. We will space these campaigns out to generate sustained visibility of the coin in the press. We expect there to be enhanced interest in #coin once we hit social media and hope to attract new main-stream adopters.
Don't download this its a virus.
I'm actually really liking this idea if you guys can pull it off. The social media potential of hashtags is endless, not to mention the courageous task of compiling an exchange within a wallet.
Will definitely stay tuned!
Specs look good too.. 50 million coins.
Finally something reasonable!
Will definitely stay tuned!
Specs look good too.. 50 million coins.
Finally something reasonable!
Thanks BTCBull,
Unfortunately our desire to get to market on time means any innovations will need to wait.
In terms of the name hopefully we have the right one.
Sometimes all it takes is a name to be successful.